2. On a review based on representations received, it has been decided to allow AMCs having multiple branches to put in place a system of Concurrent Audit which will cover 80 per cent of the transactions value-wise under a system of monthly audit and rest 20 per cent of the transactions value-wise under quarterly audit.

3. All other instructions issued vide A.P.(DIR Series) Circular No. 57 [ A.P.(FL/RL Series) Circular No.04 ] dated March 09, 2009, as amended from time to time will remain unchanged.

4. The directions contained in this Circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permission /approvals, if any, required under any other law.